Renaissance Technologies LLC reduced its holdings in shares of PDL BioPharma, Inc. (NASDAQ:PDLI) by 11.1% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,704,400 shares of the biotechnology company’s stock after selling 1,332,354 shares during the quarter. Renaissance Technologies LLC owned approximately 6.65% of PDL BioPharma worth $26,440,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also bought and sold shares of the company. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of PDL BioPharma by 43.8% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,948 shares of the biotechnology company’s stock worth $104,000 after purchasing an additional 14,000 shares during the last quarter. KBC Group NV acquired a new stake in shares of PDL BioPharma during the 1st quarter worth about $107,000. Credit Agricole S A boosted its stake in shares of PDL BioPharma by 34.9% during the 1st quarter. Credit Agricole S A now owns 50,000 shares of the biotechnology company’s stock worth $114,000 after purchasing an additional 12,942 shares during the last quarter. Public Employees Retirement System of Ohio boosted its stake in shares of PDL BioPharma by 15.3% during the 1st quarter. Public Employees Retirement System of Ohio now owns 55,423 shares of the biotechnology company’s stock worth $126,000 after purchasing an additional 7,336 shares during the last quarter. Finally, Airain ltd boosted its stake in shares of PDL BioPharma by 21.0% during the 2nd quarter. Airain ltd now owns 56,911 shares of the biotechnology company’s stock worth $141,000 after purchasing an additional 9,893 shares during the last quarter. Hedge funds and other institutional investors own 83.34% of the company’s stock.
Several equities research analysts recently issued reports on PDLI shares. ValuEngine cut shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, September 6th. BidaskClub cut shares of PDL BioPharma from a “buy” rating to a “hold” rating in a research report on Wednesday, July 19th. Zacks Investment Research raised shares of PDL BioPharma from a “hold” rating to a “buy” rating and set a $3.00 price target on the stock in a research report on Wednesday, August 16th. Finally, Piper Jaffray Companies reaffirmed a “buy” rating and set a $4.00 price target on shares of PDL BioPharma in a research report on Thursday, August 10th. Two equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $3.50.
Shares of PDL BioPharma, Inc. (PDLI) opened at 3.45 on Wednesday. PDL BioPharma, Inc. has a 1-year low of $1.93 and a 1-year high of $3.77. The company has a market cap of $531.58 million, a price-to-earnings ratio of 7.93 and a beta of 0.49. The firm’s 50-day moving average is $3.27 and its 200 day moving average is $2.60.
PDL BioPharma (NASDAQ:PDLI) last released its quarterly earnings results on Thursday, August 3rd. The biotechnology company reported $0.26 EPS for the quarter, beating analysts’ consensus estimates of $0.09 by $0.17. PDL BioPharma had a return on equity of 9.07% and a net margin of 23.03%. The firm had revenue of $143.80 million for the quarter, compared to analyst estimates of $56.30 million. During the same quarter in the previous year, the company posted $0.09 EPS. The business’s revenue was up 584.8% on a year-over-year basis. Equities analysts expect that PDL BioPharma, Inc. will post $0.61 EPS for the current fiscal year.
PDL BioPharma announced that its Board of Directors has approved a stock repurchase plan on Monday, September 25th that allows the company to buyback $25.00 million in outstanding shares. This buyback authorization allows the biotechnology company to reacquire shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
PDL BioPharma Profile
PDL BioPharma, Inc seeks to provide return for its shareholders by acquiring and managing a portfolio of companies, products, royalty agreements and debt facilities in the biotechnology, pharmaceutical and medical device industries. The Company’s segments include income generating assets and product sales.
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